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Discussion Starter #1 (Edited)
Hey guys, my wife and I can't handle our G8 payment anymore. we can't sell it for what we owe on it and can't take a hit to sell it privately. we went to a dealer tonight and this what they have us at...

2011 Malibu 1LT (drivers package and alloys) stickers at 24,200. this is the car http://www.toddwenzelchevy.com/VehicleDetails/761586723
GM Employee Price (her father) ($unknown)
We owe $28,500 on the G8, the appraised it at $23,500. (we're eating $5,000)
$2000 cash incentive http://www.chevrolet.com/tools/currentoffers/results.do?zipCode=49519&region=70&county=26081

we went in late, so the deal is subject to financing approval (which we can get without a problem). they have us at about $420 a month for 72 months. we made it clear when we walked in that we really want our payment below $400 a month. we're currently paying $540 a month. the price and deal we worked out does not include the cancellation of the $2600 GMPP warranty we purchased on it, or the $595 GAP policy on it.

any dealer in michigan that can help us/get a better deal?
 

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If it's a v6 steer clear they are having a vibration issue with the drivereain. As far as I know the 4cyl is ok but the 6 is haveing issues I have test drove several and three had vibrations. Apparently a common problem that it may or may not have during ur test drive but could occour. Do some more homework on that car. Please for your sake, FYI I am on this forum for research before I purchase a G8. There are Malibu forums too check them out.
 

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that sucks u gota get rid of ur g8 im surprised u can owe that much i dont think i even paid that much for mine...but my friend has a 4 cyl malibu and he likes it. good gas mileage and its not horrible looking. best of luck to u...
 

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Make sure you are positive that you really like the car! If you only keep the car for a couple years you will be in the exact same situation as the G8, where you are stuck owing more than the vehicle is worth. You don't want to continually roll negative equity into a vehicle every time you buy a new vehicle.

If you put that negative $5000 equity from your previous loan into the one for the Malibu be careful cause you will be in the same situation if you get rid of the Malibu before about 48 months.
 

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Putting negative equity on a new car will get you in the EXACT same position.

Can you refinance the loan at the smaller amount you owe at a different bank? That is the most sensible thing you can do.
 

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Putting negative equity on a new car will get you in the EXACT same position.

Can you refinance the loan at the smaller amount you owe at a different bank? That is the most sensible thing you can do.

Or with the same bank? I am sure the bank would be happy to keep your business.
 

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Looks like he already pulled the trigger on the Malibu.. I hope you like it.

When i worked at Acura i would see these type of situations on a regular basis. What i would have suggested..

1. Cancel the $2600 warranty and any other expense that can be refunded to you. You can get GAP through you insurance company for about $8 per month.

2. Talk to you bank and see if they will restructure your loan. Most people dont even consider this. its the best way to avoid paying additional interest on the loan. Most of the money you paid the first yr or so went to the interest. After you pay the interest the principal is next. DO NOT EVER REFINANCE A CAR LOAN. "IF" your payment goes down, its only because more yrs were tacked on to the loan. You will just start over paying more interest before the principal is touched.

3. Take the $2000 you would have used as a down payment and any other money from canceled add on's and apply it to the "principal" of your restructured loan.

When calculating monthly payments use $20 per every $1000 borrowed. $25000 = a $500 per month payment. Better credit will get lower payments.
 
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JBoogie
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